Dog-themed cryptocurrency Shiba Inu (SHIB) is closing in on 1.6 million holders, in a push towards a fresh adoption milestone.
Shiba Inu traded mostly flat on Thursday, struggling with weak momentum and ongoing selling pressure that has kept the token in a prolonged downtrend.
The beginning of July brought local relief to the meme coin market after a failed June, during which the sector lost around 33% of its capitalization. Against the backdrop of broader expectations for a traditional summer rebound, Shiba Inu (SHIB) showed a price recovery.
As the asset continues to trade close to its lowest points of the year, Shiba Inu is once again facing a crucial test as exchange activity soars. Recent on-chain data indicates that more than 493 billion SHIB entered exchanges, raising questions about whether investors are getting ready for another round of selling pressure.
The drastic downswings have wiped out some crucial trend lines: here's where heavy scarcity comes into play.
Shiba Inu is going through another challenging time as buyers fight to regain control and market activity continues to decline. Even though the cryptocurrency market as a whole is still under pressure, SHIB is exhibiting especially worrisome signs as on-chain and technical indicators suggest that investor confidence is waning.
SHIB returns to the top 30 as exchange reserves fall to 87.18 trillion tokens, signaling continued accumulation by large holders. Net outflows of 781 billion SHIB reduce selling pressure and tighten supply on centralized platforms. Price action stabilizes in a narrow range, while broader crypto sentiment and Bitcoin flows increasingly guide short term direction.
Shiba Inu (SHIB) token has successfully returned to the top 30 strongest cryptocurrencies in the world, pushing out competitors thanks to coordinated buying by large-capital investors. Despite the heavy downtrend during the last week of June, whales managed to fully stop the panic selling and moved the market into a phase of quiet accumulation.
Shiba Inu (SHIB) has continued to face mounting selling pressure after one of its largest investors moved another 600 billion tokens.
The drop in Shiba Inu (SHIB) price to local lows became a signal for large-scale accumulation, as net token outflows from exchanges exceeded 443.2 billion coins over the past four days. According to CryptoQuant, investors launched a continuous cycle of withdrawals to wallets immediately after the price updated its local bottom at $0.00000415 on Thursday, June 25, pushing the daily RSI to a critical 21.84.
Shibarium, Shiba Inu's layer 2, has become noticeably quiet, with daily transactions flattening even as the broader cryptocurrency market tries to regain momentum.